Japanese airlines go against credit market’s tightening trend

International credit rating agency Moody’s Investors Service yesterday put the ratings of Japan Airlines (JAL) and All Nippon Airways (ANA) under review for possible downgrade. “Moody's is concerned that high fuel cost and a decline in traffic volume may last for a while, depending on the impact and the length of the war,” the agency said in a statement. Both airlines’ unsecured long-term debt is currently rated Ba1, which is one notch below investment grate.

“Protection (on JAL and ANA debt) is

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